Cyprus recorded one of the lowest shares of employment in multinational enterprise groups in 2024, highlighting its position within the broader European business landscape.

According to figures from Eurostat, multinational enterprise groups employed 18 per cent of the workforce in Cyprus, placing the country among the lowest in the EU and EFTA, alongside Greece and Iceland.

In total, 3,390 multinational enterprise groups were operating in Cyprus in 2024, reflecting its participation in the wider network of international business activity.

Across the EU and EFTA, 149,678 multinational enterprise groups were active in 2024, demonstrating the scale of cross-border corporate presence in the region.

Of these, 96,201 groups, representing 64.3 per cent, were controlled by EU countries, while 14,098 groups, or 9.4 per cent, were controlled by EFTA countries.

Among the countries exercising the greatest control, Germany accounted for 15,342 groups, or 13.9 per cent of the total, followed by the Netherlands with 13,805 groups, or 12.5 per cent, and Switzerland with 10,824 groups, or 9.8 per cent.

A further 26.3 per cent of multinational enterprise groups, amounting to 39,379 entities, were controlled by countries outside the EU and EFTA.

Among these, the United Kingdom controlled 14,118 groups, while the United States accounted for 8,003 groups, and China, including Hong Kong, controlled 2,135 groups.

At the same time, multinational enterprise groups employed 51.6 million people across the EU and EFTA, representing 30 per cent of total employment in the business economy, including industry, construction and services.

The highest shares of employment in such groups were recorded in Luxembourg at 54 per cent, followed by the Czech Republic and Sweden at 44 per cent each, while Switzerland stood at 43 per cent and Norway at 42 per cent.

By contrast, Cyprus’ 18 per cent share underscores a relatively lower reliance on multinational enterprises for employment, pointing to structural differences in the composition of its economy.